Business Services Industry
GERMANY: DEUTSCHE BANK SELLS STAKE IN AXEL SPRINGER AG.(Brief Article)
IPR Strategic Business Information Database, October, 2003
Deutsche Bank today announced the sale of a 19.4 per cent stake in Axel Springer AG to Hellman & Friedman LLC, a private equity investment firm from San Francisco specializing in investments in the media sector. The sale price was Euro 350 million. Deutsche Bank intends to sell its remaining stake in Axel Springer AG back to the company under a share buyback offer announced by Springer.
The bank expects to sell its entire shareholding, which at present still amounts to 29.4 per cent. Deutsche Bank had become a shareholder in Axel Springer AG in the course of a disposal of pledged assets in October 2002.
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